According to a new report, the Central Bank of Russia is currently working on a digital mortgage service that will be powered by blockchain. The report states that the blockchain is called Masterchain, and is developed within the county.
The Central Bank of Russia has already sent an official proposal to relevant government agencies, including the Federal Service for State Registration, Cadastre, and Cartography (Rosreestr). The blockchain platform is already supporting digital mortgages, as it prepares for the launch of the upcoming platform.
Masterchain was launched in 2017 by a Bank of Russia affiliate – FinTech Association. It is the first blockchain network in Russia to receive approval from the Federal Security Service (FSB).
Before now, Masterchain has been used to facilitate e-mortgages. Back in September 2018, a Raiffeisen Bank subsidiary revealed documents on mortgage transactions including duration, credit load, and some data on the people involved in a Masterchain mortgage transaction.
The development is an impressive one for the growth and development of blockchain in Russia. However, even with that much support, the government has not been very supportive of cryptocurrencies.
Back in March, the head of the Central Bank of Russia’s legal department Alexey Guznov, confirmed a bill that classified cryptocurrencies as an “unjustified risk.”
Image Credits: Pixabay
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